Midday Update: 2024-05-14
More choppy action
Bonds
ZB has probed the immediate range testing both 115^30 and 116^31 and now resting between. Probably won’t do anything till tomorrow. I’m not giving up on a poke up to get a clean five wave move up off the April 25th low.
Crude Oil
CL is soft today as it nears short-term support at 77.50. Would be short-term bulls need CL back over 78.30 to have something to work with.
Euro
Euro has popped over the 1.0815 resistance this morning, but I can’t say that I think it is going very far. That said, probably too aggressive to short while above 1.0815.
Gold
As I said before, I really don’t have much to say about gold. Probably best to expect it to explore ranges and perform multiple three wave moves.
S&P 500 Futures
Again, pretty choppy which is consistent with a possible wave [IV] in development. There was an early spike down on the PPI which was quickly reversed and some effort to test the recent high after Powell but couldn’t quite make it. I’m labelling this as wave [IV] starting but the practical way to think about it is to expect the range to be tested. We may see little price movement through the rest of the day as they wait for the numbers tomorrow morning.
